Russia, Saudi Arabia seal key oil deal

सऊदी अरब और रूस ने विभिन्न क्षेत्रों में समझौतों किए

Points to Remember:

  • Energy superpowers Saudi Arabia and Russia signed a key deal to bolster cooperation among the world’s oil giants, as visiting President Vladimir Putin sought to defuse political tensions in the Gulf.
  • At a ceremony in Riyadh, Putin and his host, Saudi King Salman, penned a string of multi-million-dollar investment contracts targeting the aerospace, culture, health, advanced technology and agriculture sectors.
  • Key among the deals was the agreement to bolster cooperation among the so-called OPEC+ countries — the Organization of the Petroleum Exporting Countries plus 10 non-members of the cartel.
  • Moscow is not a member of OPEC, but it has worked closely with the group to limit supply and push up prices after a 2014 slump that wreaked havoc on the economies of Russia and cartel heavyweight Saudi Arabia.

About OPEC:

  • Organization of the Petroleum Exporting Countries (OPEC)
  • Headquarters: Vienna, Austria
  • Type: International cartel
  • Secretary General: Mohammed Barkindo
    • Membership: 14 states (January 2019)
      Algeria
      Angola
      Congo
      Ecuador
      Equatorial Guinea
      Gabon
      Iran*
      Iraq*
      Kuwait*
      Libya
      Nigeria
      Saudi Arabia*
      United Arab Emirates
      Venezuela*
      * -founding member
Important Possible questions based on above News:
  1. Russian President Vladimir Putin has signed a key deal with which country during a key visit for an OPEC+ grouping aimed at stabilizing global oil prices? Saudi Arabia
  2. What does OPEC stands for? Organization of the Petroleum Exporting Countries
  3. Who is the current Secretary General of OPEC? Mohammed Barkindo

 

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